IDBI gold loan can be availed of by farmers against pledge of gold to meet their temporary cultivation needs, social obligations, and medical emergencies. This loan can also be availed by small businesses, distributors, traders, and self-employed professionals for business needs. The IDBI gold loan interest rate is competitive, making the loan affordable for the borrowers.
Following are the main features of the IDBI gold loan scheme:
Below is the comparison of the IDBI gold loan interest rate with interest rates of other lenders’ gold loan schemes. Based on the following features, you can check the best gold loan bank before applying for the loan:
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|IDBI Bank Gold Loan||5.88% p.a. onwards||Rs. 10,000 - Rs. 20 Lakhs||1%||3 - 12 months|
|UCO Bank Gold Loan||7.40% - 7.90% p.a.||No upper limit||Up to 0.20%||Decided by the bank|
|PNB Gold Loan|
|Rs. 25 000 to Rs. 25 Lakhs||0.30% or Rs. 500 + GST, whichever is higher||Up to 12 months|
|Bank of Baroda Gold Loan||9.20% - 9.30%||Up to Rs. 25 Lakhs||Up to 0.50% + GST||1 year - 3 years|
|Canara Bank Gold Loan||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|HDFC Bank Gold Loan||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI Gold Loan||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|Indian Bank Gold Loan||8.25% onwards||No upper limit||0.50%||Up to 35 months|
|ICICI Bank Gold Loan||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Mahindra Bank Gold Loan||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Axis Bank Gold Loan||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
IDBI Bank offers gold loan under the following categories:
The bank also provides gold loans for urgent financial needs like education, social obligations, medical needs, gathering margin amount to purchase a home, etc. Small traders and businesses are also eligible for this loan.
The gold loan rate per gram is Rs. 2,900 to Rs. 3,450 at IDBI Bank. This rate may vary depending upon the loan amount to be availed of, IDBI gold loan interest rate, changes in the policies of the bank or government, gold rate today, and other internal and external factors.
You can use the IDBI Bank Gold Loan Calculator available online to know your monthly Equated Monthly Instalments (EMIs) in advance. You will be required to enter the following information into the gold loan calculator to get instant results:
Apart from the IDBI gold loan interest rate, the applicant will have to bear the following charges on the IDBI gold loan:
You will have to meet the gold loan eligibility criteria set by the bank to get an IDBI gold loan. To apply for the loan, you will have to download the loan application form from the official website of the bank or get it from the bank branch, fill it and submit it to the nearest IDBI branch along with the required documents and your recent passport size photographs.
You can contact at the following toll-free numbers of the IDBI Bank:
Or call at the following chargeable call centre numbers:
IDBI Bank provides gold loans at interest rates starting from just 5.88% per annum. However, the exact interest rate will be communicated by the bank depending on the individual application. The interest rate is determined on the basis of the gold loan amount that you are applying for and the quantity and quality of gold that you offer to the bank.
The IDBI Whatsapp banking number is 8860045678.